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Alert - 13:50 (CET) - Yen firm against the Dollar
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The disappointment in the equity markets traders due to the failing of the automakers' bailout plan in the US Senate, made the Yen show its condition of safe haven. After the discussion ended in the Senate, the Dollar hit its 13-year lows against the Yen at 05:30 (CET).
The UsdJpy is trading at 90.21, ranging from 88.53 to 91.85, under yesterday's closing price at 91.45. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are challenging the key support at 90.00. If broken, they will watch the next at 88.55 (December 11th low) and 85.00 (key). The resistances are set at 93.07 (December 9th high), 95.61 (December 1st high) and 98.19 (November 13th high).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 38 points, rebounding from the oversold area. The average volatility per hour is 340 pips. Checking the graphics again, we see that the current price is under the 23.60% (130.80) and over the 0.00% (80.23) Fibonacci retracement lines.
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